Cloud architectures are used in cloud computing and cloud storage systems for offering infrastructure-as-a-service (IaaS) cloud services. Examples of cloud architectures include the VMware vCloud® Director cloud architecture software, Amazon EC2™ web service, and OpenStack™ open source cloud computing service. IaaS cloud service is a type of cloud service that provides access to physical and/or virtual resources in a cloud environment. These services provide a tenant application programming interface (API) that supports operations for manipulating IaaS constructs such as virtual machines (VMs) and logical networks. Such cloud services may be offered in a consumption-based billing arrangement, sometimes referred to as “pay-per-use” or “pay-as-you-go”, which require metering and billing of used resources according to predefined business rules and plans. As such, there are challenges to implementing metering and billing capabilities that enable fine-grained tracking of usage and billed cost, preservation and retention of rated data at a sufficient granularity for historical lookup, and detection and correct resolution of billing errors and disputes.